Atlantic City Casino Revenue Tops 2019 Levels, as Gaming Industry Continues Growth

Posted on: November 18, 2023, 08:47h. 

Last updated on: November 18, 2023, 12:31h.

Atlantic City casino revenue down the shore last month inside the nine brick-and-mortar gaming venues totaled a little more than $228 million. The retail win represented a 3.4% improvement in October 2022 and continued the industry’s COVID-19 recovery.

Atlantic City casino revenue gross gaming revenue
A slot player in Atlantic City gambles at Hard Rock. Atlantic City casino revenue totaled $228 million in October 2023. (Image: AP)

Compared with October 2019, last month represented a nearly 13% improvement in legacy gaming, which is defined as in-person gaming. The $228 million includes revenue won by physical slot machines and table games in Atlantic City.

October wasn’t an exception, as 2023 has been good for the land-based casinos throughout most of the year. Through 10 months, gross gaming revenue (GGR) for the nine physical casinos is $2.4 billion. That’s a 1.9% improvement in 2022 and 6.5% better than the same 10 months in pre-pandemic 2019.

James Plousis, chair of the New Jersey Casino Control Commission, told that last month was the second-best October in 12 years for brick-and-mortar properties.

Continued Growth

Last month was also a strong showing for New Jersey’s online casinos and oddsmakers that take bets in-person at the nine casinos and three horse racetracks via the internet through their third-party sportsbook platforms.

iGaming GGR, money won from interactive table games, and poker came in at $166.8 million — a 13.3% year-over-year jump. Oddsmakers won about $92.3 million of the nearly $1.3 billion in bets wagered.

Online casino revenue and sports betting continue to expand in the Garden State. Just four years ago, in October 2019, iGaming win totaled $45.2 million. Oddsmakers won $46.4 million that same month.

The New Jersey gaming industry generated a GGR of $487.13 million in October 2023. The haul represents a 9.3% year-over-year premium and a 66% surge in October 2019.

Atlantic City’s recent investments in the casino hotels and their attractions, together with the strength of New Jersey’s online casinos, are proving to be a winning combination for the gaming industry as well as the economy of the city, the region, and the state,” said Plousis.

New Jersey is on the path to surpass $5 billion in total gaming revenue this year, marking just the third time in state history. Atlantic City won more than $5 billion in both 2005 and 2006 when there were 12 casinos in operation but no sports betting or iGaming.

Now the Bad

The New Jersey and Atlantic City gaming industries are thriving by most data points. However, there are some concerning numbers, specifically that six of the nine casinos have won less money on their physical floors this year than in 2019.

Only Borgata, Hard Rock, and Ocean, which respectively lead the Atlantic City casino industry, have won more money this year. The rest have experienced gaming reductions.

2023 GGR — 2019 GGR (in millions)

  • Borgata $619.2 — $595.5
  • Hard Rock $426.1 — $274.6
  • Ocean $350.4 — $175.3
  • Harrah’s $213.8 — $260.8
  • Tropicana $201.7 — $255.7
  • Caesars $195 — $224.6
  • Resorts $138.6 — $150.1
  • Bally’s $131.5 — $149.7
  • Golden Nugget $124 — $167.6

Through the first half of 2023, the most recently reported quarterly reports, data from the New Jersey Division of Gaming Enforcement shows that casino profits are down 20% from 2022. However, all nine casinos were in the black.